CA Jigar Shah
Quick Summary
Most of the small and medium CA firms manage regulatory compliances for their clients. Earlier it used to be limited to yearly income-tax return filing, quarterly TDSfiling. With the introduction of GST, now filing GST return is also part of the compliance practice. A number of CAs also take up MCA
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FAQ :
CA firms face challenges due to the increasing frequency and volume of client compliances, frequent changes in filing procedures and laws, and the need to adapt to software updates. Manual tracking also adds to the complexity and stress.
Initially, compliance work was limited to yearly income tax filings and quarterly TDS. With GST, CAs now also manage GST returns, and many take on MCA and Professional Tax compliances, significantly increasing the workload.
The workflow includes sending data requests to clients, working on data to create compliance files, getting client approval, completing the compliance (e.g., filing returns, depositing tax), and storing proofs of filing.
Manual tracking, often done via Excel sheets, makes it difficult for proprietors/partners to ensure all compliances are completed accurately and on time. Delays can result in penalties, interest, and even prosecution.
Automation, through cloud solutions, offers efficiency and control by allowing team members to view and complete pending compliances, upload proofs, and receive automated reminders and escalations for overdue tasks.
Automated systems provide real-time dashboards, enable quick searching of proofs, send automated completion emails with proofs to clients, and offer data analytics to improve compliance levels, moving CAs away from inefficient spreadsheets.
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